Friday, January 30, 2009

Buying A Home In Lake Tahoe



If you plan to buy a home soon, you will need to know "where you are going." For a most enjoyable home-buying experience, first build a roadmap to your new home, a list of priorities that will lead you to your objective - a new home!

The first priority is your time frame. Keep in mind that it may take 30-90 days (or more) to locate the right home, secure financing, and complete the home-buying process.

The next priority is to create a detailed description of the home you hope to find. Developing a Home Search Criteria to help you distinguish between "need to have" features and "nice to have" features will save you lots of time and stress. Be specific. Include architectural style, number of bedrooms and baths, location, lot size, and other special requirements. Number your preferences in order of greatest importance to you.

There is nothing I take more seriously than helping my clients find new homes they love. During the home search, I will:

*Discuss with you the benefits and drawbacks of each home you are shown.
*Keep you informed on a regular basis.
*Check the MLS database and with other Brokers regularly for new listings.
*Prepare a list of all homes that best meet your unique needs and wants.
*Keep you up-to-date on changing financial conditions that may affect the housing market.
*Be available to answer your questions and offer assistance regarding your home purchase.
*Discuss which types of financing are best for you relative to properties that may be of interest.
*Determine what you will qualify for.
*Refer you to qualified Lenders to help you secure a mortgage


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White Pines #21
This lovely condominium welcomes you and your family with its many custom upgrades. The living area is open and spacious with high cathedral beamed ceilings and large windows that add natural light to the living room, dining area, kitchen and breakfast bar. From the living room you can step onto the deck to relax and enjoy the fresh mountain air. On the second level you will find the master bedroom/bath, two additional bedrooms and a second bath. The entry level incorporates a two car garage and a bonus room/bedroom with bath. Centrally located, this condo is just minutes away from the post office, shopping, fine dining, all recreational amenities and the lake!
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Thinking about Buying or Selling?

Call Alvin's Team Today! 877-651-7810

Or visit our website: www.LivingLakeTahoe.com

Wednesday, January 28, 2009

Golf Clubs Happy with Progress on Business Plan for the Championship Golf Course


This article appeared in the North Lake Tahoe Bonanza on January 28, 2009

Written by: Annie Flanzraich, Bonanza News Editor


Leaders of four of the Incline Village golf clubs said they are happy with the progress being made on the course’s business plan after meeting last week with Incline Village General Improvement District Gener­al Manager Bill Horn.

“We’re pleased with the direction the course is head­ed,” said Incline Village Golf Club President Floyd Kueh­nis, who, among the other leaders, met with Horn on Jan 22.

Some issues still need to be hammered out such as a tee time schedule for the season and cancellation notification period.

At its Jan. 14 meeting, the IVGID Board of Trustees gave staff six criteria to follow while creating the business plan for the Championship Golf course. One of those cri­teria included meeting with the golf clubs as many times as possible to gain their com­plete support.

That criteria seems to be met, as Horn wrote in his report to the board for tonight’s meeting that he met with golf club representatives Jan. 22.

"As a result of the commit­­tee’s successful collaboration, the remaining two scheduled meetings were canceled,” Horn wrote.

The IVGID board meets at 3 p.m. today at 893 South­wood Blvd., and board mem­bers will be able to discuss Horn’s report.

One of the criteria that faced contention was the IVGID Board policy that the Wednesday shotgun for 18 golf club members would have a seven day cancellation policy. All of the golf club rep­resentatives did not like the seven-day cancellation poli­cy and believed it will “cast a negative tone on the collabo­rative effort with the Golf Clubs to increase rounds dur­ing the 2009 Championship Golf Course season,” Horn wrote.

As a solution Horn and other staff are holding on determining the golf clubs’ abilities to fill the 108 tee times until the entire detailed tee sheets are completed by Feb. 28.

In addition, golf club rep­resentatives are meeting Feb. 4 with IVGID Golf Director CJ Johnson to go over tee times. “We hope to get things clarified on Feb. 4,” said past Teesters president Dawn Maggio. “I am not anticipat­ing problems for the Teesters. Based on what I’ve seen and heard we’ll be happy.”

Horn also reported that the golf clubs thought there were enough golf club tee time allocations to meet their golf­ing needs.
“I’d say we’re making head­way,” said Tahoe Incline Golf Club Secretary Jon Bigelow. “I think the board is listening and I think Bill is listening and think the process is mak­ing progress.”

Although the board authorized Horn to submit a budget that raised the $59 green fee in accordance with the consumer price index, Horn said he will not do so. Using the November 2008 CPI of .6 out of 1 percent, the increase would be about 35 cents.

“It’s not worth increasing resident rates,” Horn said.

Horn said Wednesday will probably be his last major update about the champi­onship course business plan until its budget and other dis­trict budgets are submitted to the board in March.

Other IVGID news:

Trustees also could a dif­ferent item related to the Championship Golf Course, as they will be asked to approve a $5,000 allowance for the district to conduct a drainage evaluation of the course’s 11th tee, and report back to the board sometime in the future.

Also, before trustees hear the golf course items, trustees will hear an update about the district’s blue bag recycling program from IVGID Public Works Director Joe Pomroy.

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/

Monday, January 26, 2009

Clutter-Free Helps Sell Homes

Written by: Phoebe Chongchua / Realty Times

At the start of a new year a lot of us get motivated to give our homes a good cleaning. It's a way to clear the physical and mental clutter and, if you're selling your home, it's a must-do to help attract buyers.

According to HomeGain, cleaning up and de-cluttering can gain you thousands of dollars at the time of the sale and cost you as little as a few hundred dollars, if you use experts, to get the job done. Next week, I'll explore other repair areas that result in the greatest return; but this week, it's all about getting organized to increase the chances of selling your home.

I recently took on the task and unloaded about 25 trash bags worth of once-prized possessions. It's funny how, as the years go by, time and lack of room can make you realize that those prized-possessions are just eating up space while serving little purpose. Most of us have more than we need. Having more stuff than you need in a home is not appealing to buyers. It can make them feel cramped, nervous, and overall uncomfortable in your home which may result in a lower offer.

The best approach to de-cluttering is to have an organized plan. Expert organizer Mary Pankiewicz of Clutter-Free & Organized suggests making a list of all the areas that need to be organized; otherwise you run the risk of giving up.

"What people do is they try to do too big of a project and then they get overwhelmed and then they get discouraged," says Pankiewicz.

So, if you're rolling up your sleeves and getting started, a good place to start de-cluttering is the hall closet. Why? Buyers are certain to open it up and check it out for space.

"The thing to remember, particularly with closets is, it doesn't matter how big the closet is -- if it looks crowded, the buyer still thinks it's a small closet," says Pankiewicz.

De-cluttering a home can be a huge task that can be made even more laborious if you're not careful. "What people will want to do is haul everything out of that closet and then they don't know what to do next because they've got too much stuff to deal with."

She recommends a systematic approach to clearing clutter. Pankiewicz tells clients to first start with everything on the floor. Pull those items out and leave everything on shelves inside. Go through the items and get rid of the things that you don't have a use for. "The golden question to ask is not 'Will I ever use that?' That's what I call the keeper question because the answer to that [question] is 'Who knows, maybe.' So then I better keep it," says Pankiewicz. She says the better question to ask is, "What will make me use this or what will make me need this?"

Pankiewicz says when that question is asked, often people realize that they're never going to use the item and then are more willing to let it go.

Once you've found the stuff you're ready to get rid of, what do you do with it? Many sellers attempt to store it until they can have a yard sale or they donate the items. If you donate your items, make sure you take a look at the book Money for Your Used Clothing by William R. Lewis, CPA. The book tells you what the IRS will let you take as a tax deduction in 2008 for various items.

"If it's cluttered before the move, it's chaos after," says Pankiewicz. She adds, "The key mistake is people not making a decision before they pack things up."

That can be a very costly mistake for sellers. "They put stuff in storage and they pay for it year after year and then when they finally look at it, it's nothing they want," says Pankiewicz.

"The sooner you get your house ready to sell, the better decisions you'll make," says Pankiewicz. She says if sellers wait until the last minute then they tend to hold on to things and pack them up in storage saying, "I'll look at it later." That's how the clutter simply follows them from home to home.

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/

Friday, January 23, 2009

Nevada's Tax Benefits!

Not only do we have the most beautful shoreline around the lake, but here are a few other reasons you may be interested in purchasing your property in Incline Village, NEVADA.

Here are some simple tax facts.

In Nevada, there are fewer taxes and a lower tax burden than in most other states. That’s why Nevada is a top choice.


In general, the lack of many taxes translates into a lower tax burden in Nevada for both individuals and businesses alike. Comparison with some other areas shows that even when the same type of tax is levied, Nevada taxes are lower.

If you’re considering expanding or relocating your business to Nevada, get the facts first:

*No Personal Income Tax
*No Franchise Tax
*No Corporate Income Tax
*No Unitary Tax
*No Special Intangible Tax
*No Chain Store Tax
*No Admissions Tax
*No Inventory Tax
*No Inheritance, Estate, or Gift Tax

Alvin's newest listing has just hit the streets! Here, you can be one of the first to view this fantastically priced condo!


Beautifully remodeled end unit with sunny exposure in quiet back row. Features include granite counters in kitchen, full basement with exterior entrance, brick gas log fireplace in living room, fenced front patio and fenced rear deck. This condo is being offered furnished. A 1997 Jeep Wrangler is also included in the purchase price! Properties appearing on this website are compiled from the exclusive listings of Alvin Steinberg in addition to other properties listed with Coldwell Banker Incline Village Realty.maps.google.com/maps

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Wednesday, January 21, 2009

First Coalition Seeks To Revive Economy

Written by: Realty Times Staff

The National Association of Home Builders (NAHB) is spearheading Fix Housing First, one of the largest coalitions of housing advocates ever assembled in the United States, to push for a housing recovery plan that will revive the economy.

"If we are going to successfully pull our nation out of recession, we must address housing first," said NAHB President and CEO Jerry Howard.

Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases.

"If Congress enacts a meaningful tax credit, coupled with an aggressive interest rate buy-down program, we are confident that these measures will help to stabilize home prices, prevent future foreclosures, restore consumer confidence and start creating jobs," said Howard.

The coalition cites a similar plan that worked in 1975, when the nation was also in the midst of a recession. Congress then passed a short-term $2,000 tax credit for all new homes ($12,000 adjusted for today's median home prices) along with subsidized mortgage rates. The stimulus jump started the depressed economy and the effects continued long after the measure expired.

"Entering this holiday season, we saw a sobering loss of more than half a million jobs in November, and major job cutbacks among the nation's top employers are being announced daily," said Howard. "We need to put a stop to this dangerous erosion on Main Street before it grows out of control."

Enzo Perfetto, a third-generation home builder from Cleveland, has gone from constructing 20-to-30 homes annually to just one this year as a result of the economic downturn. The situation is critical and getting worse, he said. "Home building generates American jobs. You can’t outsource the construction of a home. But these jobs won’t return until the credit freeze ends and our government addresses the housing crisis."

"We are leaving no stone unturned in conveying to our government and the public the message that a housing stimulus is urgently needed, and that restoring demand for housing is the fastest and most effective way of reviving the economy," Howard said.

The housing stimulus proponents are calling for significant enhancements to the current $7,500 tax credit for first-time home buyers. Among the improvements:

* All primary home purchases between April 9, 2008 and Dec. 31, 2009 would be eligible.

* The credit amount would be increased to 10 percent of the price of the home, capped at 3.5 percent of FHA loan limits, bringing the credit to a range of roughly between $10,000 and $22,000.

* The current recapture provision would be eliminated. Repayment would only be required if the home were sold within three years.

* The credit would be available at the time of closing, making it easier to be used as a downpayment.

The second component of the stimulus plan would provide qualified home buyers with 30-year fixed-rate mortgages at 2.99 percent on contracts closed until June 30, 2009 and 3.99 percent on closings between June 30 and Dec. 31, 2009.

The coalition has also announced its support for continuing foreclosure prevention measures to keep people in their homes.

To help buyers in California and other high-cost markets, NAHB is also calling on Congress to permanently keep the FHA/Fannie Mae and Freddie Mac conforming loan limits at $729,750. Under current law, the loan limits for high-cost areas will be reduced to $625,500 on Jan. 1, 2009.

Fix Housing First points out that 3 million home building-related jobs have been lost as a result of the slowdown in housing production, which represents $145 billion in lost wages and $4.9 billion in lost purchases. Deterioration in these jobs has now spilled over into virtually all sectors of the U.S. job market.

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/

Monday, January 19, 2009

30-Year Rates Fall Below 5 Percent

This article was provided by First American Title Company from: Daily Real Estate News, January 16, 2009

Mortgage rates dropped to their 11th straight weekly decline, reaching new record lows, according to Freddie Mac.

Interest rates on 30-year, fixed rate mortgages averaged 4.96 percent this week, down from a previous week's 5.01 percent.

The low rates have caused a spike in home refinancing loans and a welcome relief to cash-strapped home owners facing a slowing economy and rising unemployment rates.

"The fact that interest rates have dropped to a record low is an important development since more affordable home financing could help bring buyers back to the market and prevent some of these foreclosures," says Lawrence White, professor of economics at New York University's Stern School of Business.

Other rates were mixed for the week:

* 15 year fixed rates: averaged 4.65 percent, up from 4.62 percent.
* 1-year adjustable rate mortgages: fell slightly averaging 4.89 percent from 4.95 percent last week.
* 5/1 ARMs: averaged 5.25 percent compared with 5.49 percent last week.

Mortgage rates have continued to drop ever since the Federal Reserve announced a plan in December to buy up $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae—the government-sponsored enterprises.

Freddie Mac started recording mortgages in 1971.

Source: Reuters, Julie Haviv (1/15/09)

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/

Friday, January 16, 2009

18 Easy Ways To Save On Your Move

Many people overlook obvious ways to lower the cost of schlepping stuff to a new place, but you can save hundreds of dollars.

If you're among the millions of people pulling up stakes this year and resettling in a new home, getting your goods to a new location means digging deep into your wallet, right? Not so fast.

Moving can be expensive, but many folks in their panic or disorganization overlook easy and obvious steps that can save them hundreds or even thousands of dollars, moving experts say.
We've done some of the, ahem, heavy lifting for you already, by assembling these 18 tips:

1. Never pay for boxes. You can drop a lot of dough at U-Haul buying cardboard.
"One good tip that we got is that every town or city today has a recycling center -- and they've got tons and tons of boxes," says Jamie Allen, co-editor of the book "How to Survive A Move: By Hundreds of Happy People Who Did, and Some Things to Avoid, From a Few Who Haven't Unpacked Yet."

Other sources of strong boxes, according to the frugal readers at the Web site Consumerist.com: Hospitals and laboratories, because chemicals and medical supplies are required to be shipped in double-walled boxes; and restaurants, whose potato boxes are very study. And readers at Curbly suggest the boxes in which shoe stores get their deliveries.

2. You've binged; now purge. Here's the most basic way to save on moving: Don't move so much stuff. "Basically, anything that you don't need, that you haven't unpacked and used yourself in more than a year is probably fair game" to not make the next move with you, says Kazz Regelman, co-editor with Allen of "How to Survive a Move." After all, the average full wardrobe carton weighs 75 pounds, according to The People Movers, and movers often charge partly by weight. "Basically, purge, purge, purge -- that's a great way to save money," Regelman says.
Discuss: Talk about it: Are you paying more rent this year?

3. Purge efficiently. A corollary to that last tip: People often have time-consuming garage sales to thin their belongings, thinking they'll make lots of money. They often don't come out ahead when considering the amount of time spent to prepare and hold a sale. Just donate the stuff to Goodwill or another charity, experts say. The stuff will be carted off and out of your hair, saving you lots of time and snagging you a tax deduction -- and that plaid couch will still live again. "Everybody benefits," Regelman says.

4. Don't blow it on bubbles. Bubble wrap and other packing materials are spendy. Assuming you're going to do some of the packing yourself, pad items with bed linens, towels and clothing. Save newspapers from the recycling bin for packing material -- but be careful about what you wrap in them. Newsprint will smudge on dishes, for example, says Dan Ramsey, author of "The Complete Idiot’s Guide to Moving." Ramsey, who has survived 43 moves, advises using butcher paper to wrap dishes.

A note: Movers often won’t insure boxes you pack yourself, says Regelman, "but then again, it’s not rocket science." You could be covered by your homeowners policy, so check the fine print.
What's your home worth?


5. Be your own supplier. For the things you can't wrap up with towels and newspaper, check sites such as Craigslist.org for people who have just moved and want to get rid of packing materials for free, or on the cheap. Whatever you do, don't rely on the mover's supply of butcher paper and heavy-duty tape -- they're usually sold at inflated prices.

6. Box that sculpture. Place odd-sized items in boxes to make them easier to move, advises Martha Poage, author of "The Moving Survival Guide." Movers "love to have anything in a box," she says. It saves them time -- and time (along with distance and weight) is part of the cost equation. "It just works better in a van," she adds. "And the chance of it getting damaged or lost is less."

7. Keep a paper trail. "Keep a record of all your moving expenses," says Ramsey. "If your move meets certain criteria, you can deduct the expenses from your federal income taxes." Call the Internal Revenue Service at 800-829-3676 or read Publication 521, titled "Moving Expenses." You usually have to meet three tests. Your move will meet the distance test if your new main job location is at least 50 miles farther from your former home than your old main job location was from your former home, according to the IRS.

8. Let the post office help you. Got a lot of books? Consider shipping them via the U.S. Postal Service, which has a special rate for books and magazines. The Media Mail rate gets them there slowly but relatively cheaply.

9. Measure twice, cut once. Before you spend lots of money to move large pieces of furniture, measure the doorways and hallways of your new home to make sure the stuff will even fit. "One person (in our book) had to saw an entertainment center in half to get it under a low-hanging beam," then glue it back together, Regelman says.

10. Be a pod person. If you don’t have a lot of stuff, consider a pod. Some companies will drop off a pod or cube, then cart the loaded cube to its destination. "It can save a lot of money," says Regelman, "and if you load them yourself, obviously that saves you quite a lot." Some report that using the pods is even cheaper than renting a truck to drive goods a few states away. And if you rent a truck or cart your stuff to the moving company’s terminal and load the cube at the terminal instead of having them deliver the cube, you can save even more money.

11. Move at off times. If you’re moving locally, consider moving during the middle of the month. Moving companies are always busy at month's end, but when business is slower, the rare company may lower its tariffs -- but you've got to find it, say movers contacted nationwide.

12. Plan ahead. "If you're not organized in your move, you're going to be wasting time," Allen says. And time is money. Being organized will save you money in perhaps unexpected ways, Allen says. For example: "You could end up paying for an extra month's (utility) service that you don’t need if you don't get the service cut off in time."

And if you're disorganized and hurrying, you'll pay to ship stuff that you don't necessarily use anymore. Better to set up online bill paying so you can keep tabs on things and your credit rating won't suffer from missed bills, Regelman says. The Better Business Bureau suggests planning your move six to eight weeks ahead of time.

13. Beware the storage unit. Don't think storage units will save you money, warns Regelman. Just because you're not shipping stuff -- and it's out of sight, out of mind -- doesn't mean you're not still paying. You'll likely end up paying a few hundred dollars a month to store a $200 piece of furniture. You're better off getting rid of possessions before a move, she says.

14. Pick your season. "Moving between the months of October and May can often save you money," says author Martha Poage. "If you are not under a deadline to move by a certain date, you can get discounted moving rates from the van companies during this off-season period."

15. Get money for your move. If you're relocating for a current employer, negotiate for moving costs, advises Ramsey. If it's a new employer, negotiate the move as part of the job offer. If the company won't pay for a moving van to move you, maybe it will pay for you to move yourself with a rental truck, he says.

16. Take things apart. "Disassemble items yourself to save money," Poage says. Some moving companies may charge extra to disassemble items like cribs, bunk beds, outdoor play sets and water beds.

17. Find a good mover. Perhaps the single biggest way to save money on your move is to find a good mover. The cheapest mover often doesn't turn out to be the one with the cheapest rates, experts say. There are lots of underhanded moving companies out there, according to the Better Business Bureau, which offers tips to spot them.

"Some companies, if they're not good companies … when they come to move you, they'll just change the price," Poage says. "They'll say, 'Oh, you didn’t tell us there were two flights of stairs.' They'll just come up with all kinds of things to try to change the price of the move."
She’s seen cheap movers running with boxes and literally throwing them into the truck to try to save time, or banging into walls, causing damage a renter or homeowner has to pay to fix. "It's mostly the little, smaller, local companies that you have the problems with," she says.
Follow these steps to find the most economical mover and get the most for your money:

Get an estimate. Movers have to give you an estimate in writing, says the BBB, which has more tips here. You also can ask if the mover will give you a binding estimate, in advance, that guarantees the final cost. Get one if you can. But it has to be in writing, and you have to get a copy before you move, says the BBB.

Check references. Simply put, know who's handling your valuables, and if they're known for foul-ups or scams that will cost you money later. Ask your friends for recommendations. Check the Web for complaints, and search the BBB's database. You also can use the Freedom of Information Act to ask for copies of any complaints filed against the company with the Federal Motor Carrier Safety Administration, says the BBB. You may have to pay for copies of this information. Another place for references is Move Rescue, a Web site that compiles complaints, and you can search pre-screened movers at Move.com.

Deal directly. When contacting a mover, ask if the person you're speaking to works for the mover or if he or she is a "household goods broker," says the BBB. They're two different things, and you may not realize it when you come across an ad for brokers, usually on the Web, says Jan Alonzo, senior vice president and general counsel at UniGroup, which owns United Van Lines and Mayflower. A broker is an independent contractor who lines up moving gigs, usually for smaller companies. But if a broker is disreputable, his estimate might not be binding, and you could end up paying more. Alonzo's advice: Avoid brokers; talk directly with the movers.

Shop around. Get quotes from a few different movers. Quotes at Home is one source for quotes from movers in larger states.

Don't forget to negotiate. The larger moving companies will often just say "this is our price," Allen says. But that price is more flexible than you might think. When Allen had to move his deceased father's effects from San Francisco to Atlanta a few years ago, he says, he got a quote -- then let it be known he was looking elsewhere (though experts advise not to mention specific prices). "They dropped over $500 off their original price" of $2,500, he says.

18. Protect the family jewels. Sometimes saving money means not losing it -- and movers sometimes lose stuff. Or break it. Get all valuable household items appraised before your move, advises Poage. Point out the high-value inventory to the moving company before such items are loaded onto the moving van. Take anything very small and of high value, e.g., jewelry, with you. And remember to keep the appraisal documents for such items with you in case of damage or loss during the move, Poage says.

If belongings do go missing -- of great value or not -- filing a claim for lost or damaged items may seem like a nuisance after the headache of a move. But it's your money, says Poage, so pursue it. The deadline for submitting claims is usually 90 days after your move. And always keep copies of the forms.

There’s a final question: Should you ask your friends to help you move? Labor that costs only the price of pizza and beer is tempting. But our experts weren't convinced that, after you're out of your early 20s, a big move should be entrusted to friends. For one, says Allen, you're committing yourself to helping move every person who's helped you -- a real time consideration.
"At some point it's worth spending the money to not go crazy," says co-author Regelman. "When you're 40 and have heavy things, it's just not worth throwing your back out. Spend some money and save your sanity."


This article was posted on msn.com 1/16/2009
By Christopher Solomon of MSN Real Estate
http://realestate.msn.com/article.aspx?cp-documentid=13108479

Wednesday, January 14, 2009

Real Estate Outlook: What's in Store for 2009?

Written by: Kenneth R. Harney / Realty Times

What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.

But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, the investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects “housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase.”

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts:

* Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.

* Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.

* Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.

* And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's Realty Times's economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.

We think the smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year.

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com

Monday, January 12, 2009

Long-Term Rates for Tenth Consecutive Week Setting Yet Another New Low

Realty Times - January 9, 2009

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point for the week ending January 8, 2009, down from last week when it averaged 5.10 percent. Last year at this time, the 30-year FRM averaged 5.87 percent. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.

The 15-year FRM this week averaged 4.62 percent with an average 0.7 point, down from last week when it averaged 4.83 percent. A year ago at this time, the 15-year FRM averaged 5.43 percent. The 15-year FRM has not been lower since June 13, 2003, when it averaged 4.60 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.49 percent this week, with an average 0.7 point, down from last week when it averaged 5.57 percent. A year ago, the 5-year ARM averaged 5.63 percent.

One-year Treasury-indexed ARMs averaged 4.95 percent this week with an average 0.5 point, up from last week when it averaged 4.85 percent. At this time last year, the 1-year ARM averaged 5.37 percent.

"Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae," said Frank Nothaft, Freddie Mac vice president and chief economist. "On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June of this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008."

"Since the end of October 2008, these rates have declined by almost 1 1/2 percentage points, or payment savings of about $184 a month for a $200,000 loan – an additional $11 dollars from last week."

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Friday, January 9, 2009

Refund Checks for Washoe County.

Refund checks from the county could arrive within a month for the 830 Incline Village and Crystal Bay single-family dwellings entitled to a tax rollback to the 2002-03 assessed property values as recently ordered by a U.S. District Judge.

“At this time, we anticipate the refunds will be mailed within the next 30 days,” said Washoe County Manager Katy Simon, in an e-mail statement Tuesday to the North Lake Tahoe Bonanza. “While we do not have an exact figure as to the total refund amount, we estimate it will be in the range of $1 million.”

The refund money will come from the county’s general fund, Simon said, out of the proceeds of third quarter tax payments.

The county is cutting $10 million of departmental budgets for this fiscal year, Simon said, after cutting a cumulative $54 million in spending in the past three years.

“The overall cuts in our general fund are resulting in service impacts that are being reviewed with the County Commission on January 27,” Simon said. “This additional reduction in revenues compounds those impacts, but is not separately identified in our budget reduction plans.”

Simon’s statement comes 19 days after U.S. District Court Judge Charles McGee, in a Dec. 19 ruling, ordered the Washoe County Assessor’s Office to return the land valuation of the affected parcels, which challenged the assessed values from the 2005-06 tax year, and roll back the tax rates to the 2002-03 levels, plus interest.
McGee’s order says the 830 parcels in question for the 2005-06 tax year fall in the same category as the Bakst (from November 2006) and Bakst II (July 26, 2008, formerly referred to as the Barta case) Nevada Supreme Court rulings, in that unconstitutional methods were used to assess property values.

Simon said Washoe County is committed to abiding by Judge McGee’s ruling. The county is also committed to settling other outstanding cases involved with the Incline Village/Crystal Bay tax revolt, as represented by the Village League to Save Incline Assets, the nonprofit group of tax revolters.

“Like the residents and property owners we serve in Incline/Crystal Bay, we remain anxious to have these issues resolved fairly and consistently for everyone affected,” Simon said in the statement. “Given the precedent-setting Nevada Supreme Court Bakst Case decision in 2006, our offer stands to settle outstanding cases with the same facts, consistent with this ruling which provides refunds with interest to eligible property owners as defined by the court.”

Suellen Fulstone, the Reno attorney representing the Village League, said she sees Simon’s statement as a talking point for the future.

“I’m happy to view this as an open settlement offer, and I’ll be definitely in touch with (Simon),” said Fulstone. “We can certainly work to get that accomplished.”

In all, about 1,130 parcels were named in Judge McGee’s ruling; however, McGee ruled that about 300 units, dubbed “condominium parcels,” need to be heard as soon as possible by the Washoe County Board of Equalization to determine if they fall in the same category as the other 830 parcels.

It is now unknown when the county board of equalization will convene to hear the 300 cases, Fulstone said. She said she will represent the cases when heard, but until a status conference takes place between counsel for both sides and Judge McGee, a hearing date will be unknown. That conference could take place as early as next week, she said.

Based on McGee’s ruling, Simon offered an explanation as to the county’s decision to offer settlement in like decisions.

“When the courts have ruled in favor of the property owners and ordered refunds, it has been in recognition of the fact that at least one of the four tax assessment methods used by the assessor was unconstitutional. The Supreme Court’s rulings on this issue has stated that, ‘The Nevada Tax Commission failed to fulfill its statutory duty to update general and uniform regulations governing the assessment of property,” and, in that absence, those used by the Washoe County Assessor have been deemed unconstitutional.”

Simon continued: “Second, the courts have also ruled so far that refunds only be issued to eligible property owners. Eligible property owners are defined as those who have exhausted their administrative remedy processes (i.e., appeals before lower ruling bodies) and whose property was valued using one of the four tax assessment methods that have been found unconstitutional. We believe that is the reason why Judge McGee did not include 300 condominium parcels that were included with the 830 parcels that he ruled on...”

Based on this explanation, Fulstone said she sees the county’s urge to settle a good thing — for the single-family dwellings involved in this and other lawsuits. Fulstone said it still isn’t right to not include the other units, considering the original November 2006 Bakst decision ruled that the assessment methods were unconstitutional and were not in line with the Nevada Tax Commission regulations.
“What they’re doing is limiting the application of the Bakst decision,” Fulstone said. “The way I read (Simon’s statement) is they (Washoe County) are willing to settle with the single-family cases, but not for the condo units. We’ll gladly discuss with (Washoe County) how to settle those, but I’ll still defend the condo units through the courts.

“There shouldn’t be a difference between the two, because they both were assessed using a method that was not promulgated as a Constitutional way to assess property values in the state of Nevada.”

Washoe County Manager Katy Simon statement on tax revolt
The following is a statement from Washoe County Manager Katy Simon regarding the property tax revolt situation in Incline Village and Crystal Bay.

The statement was submitted to the North Lake Tahoe Bonanza, via e-mail, Tuesday afternoon.

“On December 19th, U.S. District Court Judge Charles McGee ruled that the Washoe County Assessor roll back the 2005-06 property values for some 830 identified parcels in the Incline Village/Crystal Bay area to 2002-03 levels. His ruling includes an order that Washoe County provide refunds to the eligible property owners along with interest. This ruling is consistent with settlement offers previously made by Washoe County to eligible property owners having the same facts as those who will receive refunds as a result of this ruling. Like the residents and property owners we serve in Incline/Crystal Bay, we remain anxious to have these issues resolved fairly and consistently for everyone affected.

“Following the issuance of the ruling, the Washoe County Assessor’s Office immediately began the process of individually revaluing the affected parcels. At this time, the Washoe County Assessor’s office has revalued 825 parcels subject to this decision and will provide that information this week to the Washoe County Treasurer to begin refund processing. The refunds will include interest at 6 (percent) as ordered by the court. At this time, we anticipate the refunds will be mailed within the next (30) days. While we do not have an exact figure as to the total refund amount, we estimate it will be in the range of ($1 million).

“There are several important points to remember with regard to the various lawsuits that have been filed with regard to property valuation methods in the Lake Tahoe Basin and the court decisions that have been made so far. First, when the courts have ruled in favor of the property owners and ordered refunds, it has been in recognition of the fact that at least one of the four tax assessment methods used by the Assessor was unconstitutional. The Supreme Court’s rulings on this issue has stated that, ‘The Nevada Tax Commission failed to fulfill its statutory duty to update general and uniform regulations governing the assessment of property, and, in that absence, those used by the Washoe County Assessor have been deemed unconstitutional.

“Second, the courts have also ruled so far that refunds only be issued to eligible property owners. Eligible property owners are defined as those who have exhausted their administrative remedy processes (i.e., appeals before lower ruling bodies) and whose property was valued using one of the four tax assessment methods that have been found unconstitutional. We believe that is the reason why Judge McGee did not include 300 condominium parcels that were included with the 830 parcels that he ruled on. The Judge remanded those back to the Washoe County Board of Equalization to determine if they fall in the same category as the 830 parcels he did rule on.

“And, as stated Washoe County offered twice to settle this particular lawsuit for all eligible property owners with the same facts , but the offer was rejected both times by the property owners ‘ legal representative. Given the precedent -setting Nevada Supreme Court Bakst Case decision in 2006, our offer stands to settle outstanding cases with the same facts, consistent with this ruling which provides refunds with interest to eligible property owners as defined by the court.”

Washoe County Manager Katy Simon.

This article was published 1/7/09 in the North Lake Tahoe Bonanza.

Wednesday, January 7, 2009

Area Resorts See Holiday Crowd Influx

This article appeared in the North Lake Tahoe Bonanza on January 7, 2009
Written by: Nick Cruit, Bonanza Staff Writer

NORTH LAKE TAHOE — Ski resort repre­sentatives were all smiles at the end of last week as solid snow conditions brought skiers and riders to Tahoe for the holidays.

And after mother nature deprived Tahoe of significant snow until halfway through December, resort spokespeople reported an increase in skier numbers from year-to-year, and higher revenues.

Diamond Peak Ski Resort in Incline Village recorded two of their best holiday ski days in years according to revenue and lift ticket sales reports.

On Dec. 26, Diamond Peak recorded the most skier visits for that day in more than 10 years, and on Dec. 31, the resort set a New Year’s Eve revenue record.

“We really didn’t know what to expect this holiday week because so much of it depends on the weather,” said Kayla Anderson, Dia­mond Peak’s marketing coordinator. “But we were blessed with a heavy storm coming into Christmas, so it really helped Diamond Peak meet its December budget.”

Alpine Meadows and Homewood Ski Resort parking lots were filled to capacity through the week following Christmas, a very good indicator of their holiday success, said Rachael Woods, with Alpine and Homewood public relations.

“I think that we received more visitors after Christmas, which is a good thing,” said Woods. “Both Homewood and Alpine had great visitorship through the weekend.”

Northstar-at-Tahoe was up 21 percent in skier visits — Dec. 26 through Jan. 2 — com­pared with last year, according to communi­cations manager Jessica VanPernis.

“The holiday snowfall was great,” said Van­Pernis, “it allowed us to open more terrain, and the roads cleared enough to allow people to get here.”

Sugar Bowl Ski Resort reported steady skier visits that were “more or less on target” with what they anticipated, said John Monson, director of marketing for Sugar Bowl.

What’s next?

There is truly no rest for the weary as resorts gear up for the next big holiday week­ends, Martin Luther King Jr. Day, Jan. 19, and President’s Day, Feb. 16, both expected to rival Christmas and New Year’s in terms of total visitors.

“Both holidays are close if not equal in terms of popularity for visitors coming to Tahoe,” Woods said. “A lot of families can anticipate having time off together and the fact that these holidays are right in the middle of winter will increase the chances for good, if not fresh, snow conditions.”

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Monday, January 5, 2009

Fix Housing First Coalition Seeks To Revive Economy

Written by: Realty Times Staff

The National Association of Home Builders (NAHB) is spearheading Fix Housing First, one of the largest coalitions of housing advocates ever assembled in the United States, to push for a housing recovery plan that will revive the economy.

"If we are going to successfully pull our nation out of recession, we must address housing first," said NAHB President and CEO Jerry Howard.

Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases.

"If Congress enacts a meaningful tax credit, coupled with an aggressive interest rate buy-down program, we are confident that these measures will help to stabilize home prices, prevent future foreclosures, restore consumer confidence and start creating jobs," said Howard.

The coalition cites a similar plan that worked in 1975, when the nation was also in the midst of a recession. Congress then passed a short-term $2,000 tax credit for all new homes ($12,000 adjusted for today's median home prices) along with subsidized mortgage rates. The stimulus jump started the depressed economy and the effects continued long after the measure expired.

"Entering this holiday season, we saw a sobering loss of more than half a million jobs in November, and major job cutbacks among the nation's top employers are being announced daily," said Howard. "We need to put a stop to this dangerous erosion on Main Street before it grows out of control."

Enzo Perfetto, a third-generation home builder from Cleveland, has gone from constructing 20-to-30 homes annually to just one this year as a result of the economic downturn. The situation is critical and getting worse, he said. "Home building generates American jobs. You can’t outsource the construction of a home. But these jobs won’t return until the credit freeze ends and our government addresses the housing crisis."

"We are leaving no stone unturned in conveying to our government and the public the message that a housing stimulus is urgently needed, and that restoring demand for housing is the fastest and most effective way of reviving the economy," Howard said.

The housing stimulus proponents are calling for significant enhancements to the current $7,500 tax credit for first-time home buyers. Among the improvements:

* All primary home purchases between April 9, 2008 and Dec. 31, 2009 would be eligible.

* The credit amount would be increased to 10 percent of the price of the home, capped at 3.5 percent of FHA loan limits, bringing the credit to a range of roughly between $10,000 and $22,000.

* The current recapture provision would be eliminated. Repayment would only be required if the home were sold within three years.

* The credit would be available at the time of closing, making it easier to be used as a downpayment.

The second component of the stimulus plan would provide qualified home buyers with 30-year fixed-rate mortgages at 2.99 percent on contracts closed until June 30, 2009 and 3.99 percent on closings between June 30 and Dec. 31, 2009.

The coalition has also announced its support for continuing foreclosure prevention measures to keep people in their homes.

To help buyers in California and other high-cost markets, NAHB is also calling on Congress to permanently keep the FHA/Fannie Mae and Freddie Mac conforming loan limits at $729,750. Under current law, the loan limits for high-cost areas will be reduced to $625,500 on Jan. 1, 2009.

Fix Housing First points out that 3 million home building-related jobs have been lost as a result of the slowdown in housing production, which represents $145 billion in lost wages and $4.9 billion in lost purchases. Deterioration in these jobs has now spilled over into virtually all sectors of the U.S. job market.

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Friday, January 2, 2009

Quick! Take That Low-Interest-Rate Holiday

Written by Broderick Perkins / Realty Times

One holiday Blue Light Special appears to be working. Interest rates are as low as they have been since Freddie Mac started tracking them, refinancing applications are soaring and home buys are on the move.

Freddie Mac on Christmas Eve said the 30-year fixed-rate mortgage (FRM) averaged 5.14percent for the week ending Dec. 24, 2008. That's the lowest the rate has been since Freddie Mac started the Primary Mortgage Market Survey in 1971.

The 15-year rate averaged 4.91 percent.

Five year hybrid adjustable rate mortgages (ARMs) were higher at 5.49 percent, but 1-year ARMs were below 5 percent at 4.95 percent nationwide and even lower 4.75 in the Northeast and Southwest.

With all the money you've been saving on reduced holiday spending and gasoline conservation, and all those motivated sellers out there twisting in the frigid wind, it's a good time to be thinking about refinancing or better yet, "Buy A Home -- Now!"

Forget settling down for a long winter's nap. It's obviously time to put on your refinance thinking cap or your buy-a-home lid, not that go-to-sleep winter topper. Either way, you won't be alone. Jack Frost can't hold a candle to housing consumers who feel the heat.

On Dec. 24, the Mortgage Bankers Association's composite index of mortgage applications to buy a home or refinance a mortgage rose to 1,245.4, the highest since 2003, from 841.4 a week earlier. The group's refinancing gauge rose 63 percent and purchases gained 11 percent.

Low rates have you looking to refinance?

The average rates are so low, refinancing can benefit even those who purchased a home a year or two ago, even if they had a small equity stake in their home and used an ARM to buy. The key, say the experts, is to examine your options.

Visit your existing lender first, especially if your lender doesn't sell loans and has a vested financial interest in keeping its portfolio intact. It will prefer to refinance you at the going rate rather than cut a loan modification and lose money.
Also shop around at other banks, credit unions and other lenders that also retain loans.

Trading an ARM for a fixed rate that's slightly higher also isn't a bad deal if that ARM rate will eventually explode with an upward adjustment.

A 40-year mortgage also can help offset the cost of trading an ARM for a fixed rate, due to the longer term's relatively smaller payments.

If you have both equity in your home and pristine credit, bargain hard. You have the most options.

Quickly pull your credit report from the only federally-sanctioned free service, AnnualCreditReport.com and check it twice for accuracy.

Don't overlook trading one ARM for another, especially if the new ARM is a hybrid that provides enough breathing room, say five or seven years or more before the first adjustment.

A U.S. Housing and Urban Development-approved counselor, experienced mortgage broker or mortgage adviser can help you quickly sort through options from lenders, bailout programs and other sources to get you a refinanced mortgage -- fixed or adjustable --that is most viable.

Examine all potential options by comparing all loan costs of each refinance from a variety of sources -- in-house lenders, secondary market lenders and brokers.
Low rates making you think about buying?

Budget. Know all sources of every penny and where every penny goes. You can't know where you can cut costs until you know in detail what those costs are.

Save. Pinch Pennies. Save More. Being miserly isn't lame. It's a prerequisite to homeownership. If you don't have a savings account worth three to six months of your net income, you are already behind should there be an emergency. In addition to money for the down payment, lenders today will expect you to have some cash left over for insurance, taxes, maintenance and other costs that come with homeownership.

Don't just get your credit report, read it. Your credit report is a report card on your credit use -- the good, the bad, the ugly -- and, too often, the incorrect. Which is why you want to see it. If there are errors, follow the instructions to correct them.

Get professional help. Can't determine what your credit report is trying to tell you? Not sure how to calculate what you'll need to save for a down payment? Don't know how to set up a budget? Most consumers don't. It's okay to ask for help. It's smart to ask for help. You don't know everything about buying a home, even if you are moving up, but especially if you are a first-timer. Save the pride for after the purchase.

Whether it's a financial planner, financial counselor, real estate agent, mortgage broker, loan officer, or family friends, ask who you trust for references to find those who can help you. Get help in setting goals, sifting through mortgage programs, understanding the title and escrow process, finding a home and keeping a home -- all well before you are actually in the market for a home.

Learn about market and economic conditions that could impact your decision. Learn about home prices, mortgage rates, home buying costs and other issues surrounding what's likely to be your most complicated purchase ever.

Attend workshops, seminars and classes.

Browse for housing information from online content providers, including MyMoney.gov and the Better Business Bureau (search "Tips for Troubled Homeowners").

Pick up a few books, or save some bucks in the library reading "Buying Your First Home" (Nolo, $24.99); "The National Association of Realtors Guide To Home Buying" (Wiley, $19.95) and "Let's Get Real About Money" (Financial Times, $19.99), among others.

Above all -- refinancing or buying -- move fast. The mortgage market is as volatile as it's ever been. Rates could quickly reverse course and head back into Scrooge territory.

Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com